The National Banking System and Southern Economic Growth: Evidence from One Southern City, 1870–1900
基于田纳西州诺克斯维尔市的银行数据，质疑国家银行体系通过剥夺南方和西部廉价资金来资助美国工业化的观点。1880-1890年代国家银行数量增加，贷款更多流向本地，扩张源于本地经济繁荣而非准入壁垒消除。
Evidence from banks in one southern city casts doubt upon the view that the quasi-monopolistic structure of the national banking system financed American industrialization by depriving southern and western regions of relatively inexpensive money. An increased number of national banks were lending much more locally in the 1880s and 1890s in Knoxville, Tennessee, than they were in the 1860s and 1870s. The national banking expansion and associated expansion in the number of state-chartered banks appear to have resulted from a local boom rather than from removal of barriers to entry.